ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Cochin Stock Exchange and Kerala s Development

of this is very simple5 and I feel our tendency to reject such a theorem is essentially an emotional reaction. Since exploitation is bad we feel that nothing good, including efficiency, can come out of it. Such a feeling is wrong for two reasons. First, as is well known, an efficient outcome need not be a good outcome.6 Secondly, x can be undesirable even if one of its consequences is good.

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